Wheelabrator owns or operates 17 waste-to-energy facilities and four
independent power-producing facilities in the United States that process
over 7.5 million tons of waste and have a combined electric generating
capacity of 853 megawatts. It also has four ash monofill landfills,
three transfer stations and an ongoing development and construction
project in the United Kingdom. During 2013, WTI generated approximately
$845 million in total revenue.

In conjunction with the sale, Waste Management will enter into a
long-term agreement to supply waste to certain WTI facilities upon
closing.

“This transaction aligns with our goal of driving shareholder value by
maximizing our focus on our core business and reducing earnings
volatility related to electricity sales,” said David P. Steiner,
President and Chief Executive Officer of Waste Management. “We look
forward to a long-term partnership with ECP through our waste supply
agreement.”

Steiner continued, “We appreciate the hard work and dedication of our
Wheelabrator employees. They made our waste-to-energy business
successful, and we anticipate that the business will continue to be
successful under ECP’s ownership.”

“ECP is excited about our acquisition of Wheelabrator given its
excellent operating track record of critical assets, and talented and
entrepreneurial employees,” said Tyler Reeder, a Partner in Energy
Capital Partners. “We believe Waste Management’s strong waste supply
capabilities well complement ECP’s deep experience in power generation;
and we look forward to continuing to provide Wheelabrator customers and
partners with the same continued excellent service they have enjoyed
under Waste Management’s ownership.”

Waste Management intends to use the net proceeds from the transaction to
drive incremental shareholder value by acquiring assets related to the
core business and repurchasing shares, while maintaining a strong
balance sheet. “If we use the net proceeds solely to repurchase shares
and repay debt, we expect up to two cents accretion to our 2015 diluted
earnings per share. If we can identify core business acquisitions that
would be more accretive than buying back shares, we will pursue those
opportunities. We believe there will be core business assets available
at reasonable prices that would meet our criteria. Consequently, we
would expect that the use of proceeds will include a combination of
accretive acquisitions, share repurchases and debt repayment,” Steiner
concluded.

The transaction is subject to Federal Energy Regulatory Commission
(FERC) approval and other customary closing conditions, and is expected
to close in late 2014.

Waste Management intends to provide more information on the transaction
and address any questions related to the transaction on its upcoming
second quarter earnings call to be held today at 10:00 am Eastern.

Barclays and Centerview Partners served as financial advisors to Waste
Management on this transaction.

This press release contains forward-looking statements, including
statements regarding the timing and completion of the divestiture of
WTI, Waste Management’s future relationship with WTI, use of proceeds of
such divestiture, accretion from such use of proceeds, acquisition
opportunities, and WTI’s future operations. You should view these
statements with caution. They are based on the facts and circumstances
known to the Company as of the date the statements are made. These
forward-looking statements are subject to risks and uncertainties that
could cause actual results to be materially different from those set
forth in such forward-looking statements, including but not limited to,
changes in timing and expectations with respect to obtaining necessary
approvals and consents, fulfillment of other conditions, economic
conditions, and overall business and capital allocation strategy.Please
also see the Company’s filings with the SEC, including Part I, Item 1A
of the Company’s most recently filed Annual Report on Form 10-K, for
additional information regarding these and other risks and uncertainties
applicable to our business. The Company assumes no obligation to update
any forward-looking statement, including financial estimates and
forecasts, whether as a result of future events, circumstances or
developments or otherwise.

ABOUT WASTE MANAGEMENT

Waste Management, Inc., based in Houston, Texas, is the leading provider
of comprehensive waste management services in North America. Through its
subsidiaries, the company provides collection, transfer, recycling and
resource recovery, and disposal services. It is also a leading
developer, operator and owner of waste-to-energy and landfill
gas-to-energy facilities in the United States. The company’s customers
include residential, commercial, industrial, and municipal customers
throughout North America. To learn more information about Waste
Management visit www.wm.com
or www.thinkgreen.com.

ABOUT ENERGY CAPITAL PARTNERS

Energy Capital Partners is an energy-focused private equity firm with
over $13 billion in capital commitments and offices in Short Hills,
Houston and San Diego. The firm is focused on investing in the power
generation, midstream oil and gas, environmental infrastructure,
renewable energy, electric transmission, and energy services sectors of
North America's energy industry. Its management has substantial
experience leading successful energy companies and energy infrastructure
investments. For more information, visit www.ecpartners.com

ABOUT WHEELABRATOR TECHNOLOGIES INC.

A wholly owned subsidiary of Waste Management, Wheelabrator Technologies
Inc. is a leader in the safe and environmentally sound conversion of
municipal solid waste and other renewable waste fuels into clean energy.
Wheelabrator owns or operates 17 waste-to-energy facilities that provide
safe waste disposal for towns and cities across the U.S. Wheelabrator
also operates four independent power plants designed to generate
electricity using an assortment of fuels, including waste wood, waste
coal, and natural gas. In addition to producing electricity, some of
these facilities also produce steam sold to nearby government and
commercial establishments. Wheelabrator’s 21 facilities have a combined
electric generating capacity of 853 megawatts, enough energy to power
more than 900,000 homes. To learn more, visit www.wheelabratortechnologies.com.